Saab, GM delay board meeting as new bidder appears

Saab has postponed today’s board meeting as a new bidder makes a last-ditch effort to acquire the Swedish brand from General Motors.

Today’s meeting was called to discuss how the company can re-start production after a four-week break, assuming a buyer can be found.

New bidder Genii Capital, a private-equity firm that agreed to purchase a majority stake in Renault’s Formula One team last month, today joined the growing drama. Genii intends to hand in a cash offer some point today, according to an investor close to the process, while using the same business plan of former bidder Koenigsegg, a plan Genii says could make Saab profitable by 2012.

Opposing bidder Spyker Cars will also submit its business plan before today’s 5pm deadline. Below is a statement from Mr Victor Muller, CEO of Spyker Cars regarding the situation:

“We have continued a constructive dialogue with GM over the acquisition of Saab. We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible.”

Saab board member Mr Haakan Danielsson has said that unless directly instructed to do otherwise, Saab plans to continue to produce cars to fill the orders it has on the books as of right now. A delegation from the Swedish government has also made their way to Detroit so that GM is fully aware of the willingness of the EU and Swedish government to offer certain assistance to keep the company running.